Tuya Inc.Long
TUYA short term cash grab, even after a big spike today?
Updated
I meant to publish this last night and wow did I mess up in not doing so, because as of this second it's up like 14% today. Still, I think there's more room to run but I couldn't blame you for waiting for a down day like *ahem* TOMORROW. In fact, do that, wait until tomorrow. If I could somehow save this write up and auto-post it after tomorrow I would because the risk/reward is much better. As you can see it's fallen and spiked up each of the last 3 earnings reports and considering the recent tumble I think it's setting itself up to do that again. MACD and OBV both are showing bullish divergences to reinforce my thinking that this will go up. MFI indicator is also in oversold, although that doesn't seem to mean much for this individual stock.
So yeah, I'm going long on something! Maybe. I really do hate buying after a 14% spike up day when the profit margin is 30-50%. Either way, I like the trade, but I like the risk/reward a whole lot better if you'd get in after what I am assuming will be a down day tomorrow. Tight-ish stop losses on longs right now because Mr. Market has his bear suit on and is going around terrorizing stocks. Rawr!
So yeah, I'm going long on something! Maybe. I really do hate buying after a 14% spike up day when the profit margin is 30-50%. Either way, I like the trade, but I like the risk/reward a whole lot better if you'd get in after what I am assuming will be a down day tomorrow. Tight-ish stop losses on longs right now because Mr. Market has his bear suit on and is going around terrorizing stocks. Rawr!
Note
For what it's worth, this is a SHORT TERM thing. At least until I can see a legitimate confirmation that it's bucking the 6 month trend where it's been slowly bleeding out. I'll scale out of it quite quickly if I get to 30%.Note
Bingo! It dropped 9% today just like I thought it would and I got in at the close at like $3.61. I don't feel entirely confident with any longs at the moment just because of macro market conditions but this one was worth a flyer.Trade closed: stop reached
It did like I said, but I got the timing wrong and it fell much further before the bounce than I had anticipated. Was lucky to break even. If anything this is a short opportunity but I haven't even checked to see if shares are available.
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